Schiff: Bitcoin will fall below the $60k support, look toward $40k—buying gold and ditching crypto is the right answer

Schiffgold chairman and veteran gold trader Peter Schiff has recently made multiple public statements, predicting that Bitcoin is about to break below the key support range of $60,000. His target is $40,000, and he has advised investors to fully sell their Bitcoin at this time and move into gold and silver.

Bitcoin is looking toward $40,000, but it still isn’t the bottom

In an interview with Capital Cosm, Schiff said that once Bitcoin breaks below the $60,000 support level, it will accelerate toward $40,000. He also believes that at that time, it still will not be the bottom, and the selloff will occur in sync with a crash in tech stocks. He has long argued that Bitcoin will ultimately go to zero, but this extreme prediction has been rejected by the crypto market time and again.

As things stand, in early April Bitcoin has been holding around $67,000. The broader market is still being hit by an energy crisis and inflation pressure stemming from the Iran war. Schiff believes this macro backdrop is a tailwind for gold, not for Bitcoin.

BTC is “anti-gold,” a proxy indicator for tech stocks

Schiff rejects the claim that Bitcoin is “digital gold,” saying that BTC is “anti-gold.” His reasoning is: Bitcoin’s price action is almost the opposite of gold—more like a proxy indicator for Nasdaq tech stocks—rising and falling with tech stock volatility rather than truly having a store-of-value function that resists inflation.

He said: “Investors are regretting buying Bitcoin now.” Schiff believes that the crypto bull market triggered after Donald Trump’s victory in November 2024 has come to an end. The prior rally was mainly driven by sentiment rather than fundamentals, and this regret sentiment will further catalyze capital flowing from the crypto market into gold.

The Iran war and money over-issuance are catalysts for gold

For gold, Schiff’s analysis is relatively more optimistic. He pointed out that due to large military spending tied to the Iran war, the United States will inevitably accelerate money over-issuance, expand the fiscal deficit, and that all are long-term positives for gold. He believes that regardless of how the Iran war ends, gold will be the winner: if the fighting continues, inflation pressure will strengthen gold; if the fighting ends, easing sentiment in the market will also push gold up by $400 to $500.

In addition, Schiff characterized the recent temporary pullback in gold as “liquidity adjustment,” not a trend reversal. He believes the move mainly reflects the market’s knee-jerk reaction to comments on Federal Reserve interest-rate policy, and does not mean gold’s underlying fundamentals have changed.

Is Schiff’s view worth considering?

Schiff is a long-known, pessimistic voice in the crypto market, and his “Bitcoin going to zero” prediction has missed repeatedly since 2011. However, his argument about gold as an inflation-hedging asset still has short-term resonance in an environment where the Iran war is driving oil prices higher and inflation expectations are warming. This article only presents his views and does not constitute investment advice.

This article by Schiff: Bitcoin will break below the $60,000 support level, targeting $40,000—buying gold and abandoning coins is the right solution First appeared on ChainNews ABMedia.